Ajmera Realty & Infra profit up 7.9% in Q4FY23, income down 36.7%

Ajmera Realty and Infra India Ltd on Thursday reported an increase of 7.9 per cent in its consolidated net profit at Rs 15.11 crore for the fourth quarter of the last financial year (FY23). However, company's net profit stood at Rs 14.01 crore in the year-ago period (FY22).

The company in a regulatory filing said that its total revenue from operations (income) declined by 36.7 per cent. Total income declined to Rs 117.80 crore during Q4 FY23 from Rs 183.62 crore a year ago. However, for the full year, total income fell to Rs 440.63 crore in FY23 from Rs 489.11 crore in FY22.

 

On an annual basis, Mumbai based developer posted sales volume (bookings) increase by 95 per cent year-on-year to Rs 842 crore in Q4 FY23. However, sales bookings stood at Rs 431 crore in the year ago period.

The real estate firm also launched two projects for a gross development value of around Rs 1,650 crore and acquired land with a gross development value of around Rs 550 crore during FY23. 

Ajmera Realty is betting on its 5x growth strategy with its launch pipeline of four projects with gross development value (GDV) of more than Rs 2000 crore.

"This success is due to sales momentum gained in our existing as well as the new launches of Ajmera Manhattan & Ajmera Prive during the year, fast-paced execution, and the strong demand for quality homes in the sector,” said Dhaval Ajmera, director, ARIIL.

The board of directors recommended final dividend of Rs 3 per equity share on face value of Re 10 each for the financial year ended March 31, 2023.